The pandemic has kick-started digital transformation for the banking industry worldwide and it has led to the growth of the virtual banking market and integration of artificial intelligence (AI) technologies in the financial sector to streamline the workflows and better serve a broader set of customers.
A study has shown that 52% of all financial service industry is deeply investing in AI. In Asia, a recent study conducted by the Hong Kong Monetary Authority (HKMA) states that almost 90% of all banks are planning to integrate AI to provide better onboarding and transactional services.
Read full article: https://kbfblog.com/limitations-of-machine-learning-based-online-id-verification-solutions/
So, it is not surprising to see the baking sector whose traditional call centers are getting replaced by AI assistants.
In addition, another $400 billion will be saved by using the robotic process automation in banking for most of the middle-office related works like technologies used for identifying customers and verification like AML/KYC along with other forms of data processing.
Impact Of AI In Banking
AI will expand the gamut of financial services.
And most importantly these products will help you to learn from the customer’s financial data as well as determine what might work for them, what won’t and even assist them to track their financial activities in a much better way.
No more are the major financial expertize limited to the opinions of humans, especially with regard to making forecasts and recommendation.
Source : https://www.2basetechnologies.com/ai-changing-dynamics-of-banking-sector
Mailing and access to trillions of data were the prime functions of the internet that we got introduced to.
It is this very concept of programming that led to the invention of AI [Artificial Intelligence].
But it is not limited to the financial sector only.
IOT will help in transmitting information, while AI will analyze that information, process vast calculations and make basic decisions for a business, government, etc.
This allows the company to avoid health issues originating from severe work stress, thus ensuring better performance and efficiency.
However, There Is A Downside To It- Employment
